Setl, a blockchain platform, has just appointed Sir David Walker, the former Bank of England (BoE) Executive Director, as its newest Chairman, according to a recent Coindesk report.
Setl was first launched this past July, which has aimed to roll simply and streamline the way assets are exchanged by utilizing blockchain technology, which in essence circumvents a series of intermediaries in the post-trade system. At the present, Setl’s network is capable of processing 5,000 transactions per second, or 432 million a day.
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Mr. Walker joins Setl after garnering a lengthy tenure in the financial services industry that has seen him at several notable banking institutions such as Barclays, Morgan Stanley International, and the Securities and Investment Board, having served in executive level roles. In addition, he has also served as a senior member of the G30 group, which saw him play an integral role in the realm of international payments and settlements.
According to Mr. Walker in a recent statement on the appointment, “Blockchain is an important advance in settlement technology and Setl has a compelling proposition for its deployment.”
“By simplifying the process of payments and settlement Setl should be able to deliver significant operational efficiencies which will benefit all market participants, and most importantly, reduce costs borne by savers and investors,” he added.